LONDON--(BUSINESS WIRE)--The global herbicides market is expected to post a CAGR over 6% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Glyphosates, a broad spectrum systemic-herbicide and crop desiccant, is used to kill weeds, especially the annual broadleaf weeds and grasses by inhibiting the plant enzyme 5-enopyruvylshikimate-3-phosphate synthase. Farmers extensively rely on glyphosates to protect a wide range of crops such as pulses, fruits, vegetables, cereals, and grain crops from unwanted weeds and pests. It is also used for garden maintenance and silviculture, viticulture, and horticulture purposes. Thus, the growing demand for glyphosates will boost the growth of the herbicides market during the forecast period.
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As per Technavio, the growing popularity of bio-herbicides, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Herbicides Market: High Adoption of Bio-Herbicides
The use of bio-herbicides is gaining traction in the market as it ensures rare resistance development and exhibits exceptional activity in killing weeds and harmful pests. They are generally bacterial, viral, and fungal formulations that have minimal residue. They minimize the dependency on chemical pesticides as they are extremely environment-friendly. Thus, with the growing use of bio-based crop control formulations and the phasing out chemical-based synthetic products, the market for herbicides is expected to showcase a positive outlook during the forecast period.
“Apart from the rising popularity of bio-herbicides, the increasing use of dicamba and rising mergers and acquisitions are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Herbicides Market: Segmentation Analysis
This market research report segments the global herbicides market by Application (Cereals and grains, Oilseeds and pulses, and Fruits and vegetables), chemical (Glyphosate and Others), and Geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the market in 2018, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market. This is due to favorable government policies and increasing demand for high-quality fruits, vegetables, and cereals.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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